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Auto Insurance Statistics: Did You Know?

When shopping for auto insurance, it’s easy to get tunnel vision and only consider one number: your monthly premium. However, we compiled some statistics relating to auto insurance that may put your search for the lowest rate in perspective:

  • The average monthly amount spent on auto insurance declined from $818 in 2006 to $791 in 2010 (according to the National Association of Insurance Commissioners’ January 2013 report).
  • The latest available data (2010) shows that New Jersey wins the dubious distinction of having the highest average auto insurance premium of $1,157, with the District of Columbia ($1,134) and Louisiana ($1,122) close behind it.
  • The least expensive states in which to buy auto insurance in 2010 were South Dakota ($525.16), North Dakota ($528.81), and Iowa ($546.59).
  • 76 percent of those insured bought comprehensive coverage in addition to liability insurance, and 71 percent purchased collision coverage, according to a 2010 report by the Insurance Information Institute.

Hopefully, these numbers help you gauge where your policy falls in the spectrum of auto insurance rates and types of coverage. Of course, if you live in a state with high average premium, you might be feeling a little disgruntled right now!

SOURCE: Insurance Information Institute, "Auto Insurance." Last modified http://www.iii.org/facts_statistics/auto-insurance.html. Accessed April 3, 2013.